Wednesday, May 19, 2010
The Las Vegas hard money industry actually benefits from beauty pageants like the Ms. USA, the 59th edition of which will be held at the Planet Hollywood Resort and Casino over the weekend. Farfetched as the idea may be, why not give it a thought.
One of the reasons why people come to this city – and eventually buy houses from investors who borrow hard money loans in Las Vegas – is because of the attractions it has to offer. Aside the Strip’s casinos and resorts, Las Vegas also hosts various events. These events include the Ms. USA pageants, which it also hosted last year. Las Vegas hard money lenders will probably not close deals due to this event alone, although it helps roll the snowball.
For this reason, let’s give a thumbs-up to reigning Ms. USA Kristen Dalton of North Carolina and the beautiful ladies across the country who continue to join this nationwide pageant. Kudos as well to its organizers and supporters. Keep up the good work guys. Everybody, including providers of hard money loans in Las Vegas, will surely be happy to see these hotties heat up the city. As for Las Vegas hard money lenders and borrowers, you can view the candidates at start rooting for your bets now.
Apply for hard money loans in Las Vegas now and watch Ms. USA over the weekend while waiting for your application to be processed. Las Vegas hard money won’t take forever to process though so be back on time for it!
Las Vegas Hard Money blog is born in the best of times, at least from the point of view of lenders, investors, and home buyers.
This weblog hopes to help people involved or interested in hard money loans in Las Vegas through information and insights. While they may not be the best of the best, the entries here at least present a view on matters related to Las Vegas hard money.
Pardon the randomness and inconsistency in writing (we are but men!) and back to the birth of the blog. One reason why today, the birthday of this humble attempt to add something significant to cyberspace, is the best day for the hard money industry is because of housing affordability in Nevada’s resort and entertainment capital. According to news, Las Vegas houses have never been more affordable in the past three decades.
Citing a California-based real estate consultant, the news said that based on a median home price of $133,800 in April, the city’s housing cost-to-income is now at 19%. This simply means that “a lot of cab drivers and hotel workers below the median income have a chance to become homeowners for the first time in a long time.” “I think they realize that for $700 a month, they can own a home in Las Vegas,” said consultant John Burns, who has been studying the housing market for the past 30 years or so. Now this is good news for businessmen involved in Las Vegas hard money.
A rise in the affordability almost always means a rise in the number of houses that will be sold. Since real estate investors will need financing, they will borrow cash from Las Vegas hard money lenders and the deals will push through. At least three parties are happy: home buyers, real estate investors, and providers of hard money loans in Las Vegas. Now that’s a birthday celebration for this blog.
One of the events that fuel the Las Vegas hard money industry is foreclosure. As we know, it is when the mortgage provider, usually the bank, repossesses the property from owner because of failed payments. When the property goes into foreclosure, it becomes banks owned and bank owned homes are among the best properties bought by investors. Real estate investors, in turn, need hard money loans in Las Vegas or anywhere in the country to buy these houses.
While it is probably normal to hear news of foreclosure, one case stood out. It was the case of a building owned by a company where former Governor Kenny Guinn is an investor. The building is owned by the Coronado Aspen II company. According t the notice of foreclosure filed by the Federal Deposit Insurance Corp. (FDIC), the company breached a $4.72 million mortgage agreement. The building seems to be part of the collateral. What makes this news stand out more is that Coronado Aspen II is actually a provider of hard money loans in Las Vegas!
It seems ironic that a property owned by such company, at a time Las Vegas hard money lenders are thriving, will go into foreclosure. Digging deeper though, this blog found out that the there is a pending dispute over the supposed breach of the loan terms. The agreement was between Aspen and the failed Community Bank of Nevada, the businesses of which are now handled by the FDIC.
When asked over the issue, Aspen’s lawyer had this to day: "While Aspen does not comment on pending litigation, it is very pleased to have received the highest rating from the Nevada Division of Mortgage Lending. It's business as usual at Aspen." It’s an interesting story of Las Vegas hard money controversy worth following up. Really ironic if indeed the company, the nature of which is to help investors make money from foreclosed homes, is losing a property to foreclosure.
